Federal Tax Credit

Federal Tax Credit

10 Qs

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Federal Tax Credit

Federal Tax Credit

Assessment

Quiz

Medium

Created by

Chantel Miller

Used 1+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Customer Is Eligible For The Tax Credit If They?

Leasing & Financing

Cash And Leasing

Financing And Cash

Financing, Leasing, And Cash

2.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Are Price Adjustments That Make The Vehicle Fall Within The Price Cap Threshold Eligible?

No

Yes

Answer explanation

Price adjustments will not make a vehicle eligible

3.

FILL IN THE BLANK QUESTION

20 sec • 1 pt

Eligibility Is Based Off Of What?

4.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Can Dual Registrants Both Use Their Social To Claim The Credit?

Yes

No

Depends On AGI

Answer explanation

If dual registrant, customers must decide which claimant/SSN to provide before delivery; adjustments to the listed claimant/SSN may not be accommodated post-delivery. Person claiming the credit must be listed as the primary registrant. Only the primary registrant will be able enter a Social Security Number.

5.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

What Does The Point Of Sale Show Up As In DRO

Price Adjustment

Point Of Sale Credit

Invoice Adjustments

Government Incentives

Answer explanation

Point of Sale credit will show up as “Government Incentive” as soon as customer has completed the Incentive Task in their app.

The amount is not confirmed until the Application Status is “Submission Approved.”

6.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

Does The $7,500 POS Deduct From Taxes & Fees?

Yes

No

Answer explanation

The credit amount will be applied to that total amount, subject to customer and vehicle approval.

The credit will not lower the price of the vehicle before taxes and fees are calculated.

7.

MULTIPLE CHOICE QUESTION

45 sec • 3 pts

What Happens If Customer Claims They Are Within Income Threshold But Actually Exceeds The Threshold?

Customer would have to pay the showroom back the $7,500.

It will be withdrawn from the next years taxes.

They will have to pay the IRS back $7,500

They may be prosecuted for tax fraud.

Answer explanation

If a customer receives a Point of Sale Transfer and ends up making more than the AGI threshold for the year, they will have to pay the full $7,500 back to the IRS when they file their taxes.

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